Monday, November 24, 2008

Top to bottom

The lesson of Kathy Cox is that if it can happen to a top public official, it can happen to anyone.

Reviewing her family's existing debt, which is absolutely staggering, merely reaffirms my hatred of credit cards. While the majority of the Cox's debt stems from her husband's construction business, it's also worth noting they had 11 credit cards with varying levels of debt on each one. We've got two in our household - one for me and one for The Wife - and I use mine only for business expenses (and Christmas presents ... don't worry, I keep all receipts separate).

Given these tough times, and the pressures of being a builder in the past few years, it's understandable that things could get out of hand, but I'm floored that you could have that many cards that feature balances of more than $20,000 per card (on top of buying two brand new cars last year). At some point, you have to think you start to think that it's beginning to get out of control, right?


Blogger galawyer said...

I agree with everything you say, i.e., there appear to be A LOT of things they did wrong. However, she should be given some kudos for still planning on donating to some schools all of the $1 million she won on "Are You Smarter Than A Fifth Grader?" She knew she had these problems before she went on that show and she STILL intends to give it all away which she is to be commended for.

4:03 PM  

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